The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-04-16
ALLISON'S VIEWS.
lie PROPOSES A REDUCTION PLAN

In Regard to tho Surplus Problem-lie
Thinks Congress Should Convene In tho
Fall aud Act on tho Mntter-Ths
Presidential Outlook Very doot.
WARRINGTON, April l5.-In tho course
Of an interview to-day Senator Alliaon, Of
Iowa, touched upon several topics Of spec.
ial interest to the commercial and finan.
cial world. l5
"What is likely 10 be the situation
respecting the surplus, owing to failure
to reduce taxation Of the last session 2"
inquired the interviewer.
Senator Allison replied: "There will
probably be no considerable accumula.
ton Of the surplus during the remainder
Of this fiscal year. The dcbt was reduced
sl2,0oo,0cO during the last month, and
the Z money in the Treasury increased
about s2,O0O,00o, 30 that at this rate, or
any reasonable approach to 1t, the re-
demption OF all the three per cents will
take place between now and July 4.
Alter that time there will be q constsnt
accumulation Of money In the Treasury
over and above current paymenta to the
extent OF from SS.000,000 to SIC, 600 600 a
month until Congress either reduces taxes
or makes new and additional appropria-
tiona. II Congress does not convene
until December no tax reduction is prob.
able before year from next July-ths
result Of which would be an accumulation
OF eurplus in addition to that now in
the Treasury Of from s90,OOO.OOO 10 $780,
100000.
ut has been suggested that the Secre.
tary OF the Treasury might utilize tho Ma.
tional Bank deposit for the deposit Of the
accumulating surplus and that thew in
turn could loan it, and thus keen the
money paid for taxes in the hands OF the
people,"
II have heard this proposition discussed
here and there" answered the Senator,
but 1t does not appear to me feasible. It
might be done 10 some extent, INIT it
would not be wiso to place large sums in
this way with the banks They could not
loan 1t for business purposes without an
understanding that it was to be called for
by the Treasury. Such an understanding
would lead to lavoritism and speculation,
These National deposi.ories are estab.
lished only to facilitate Government COL
lections and payments, and not as favor
ties to loan public money, with
rare exceptions the money held by
these deposltofles bao alwaya bseu subiec.
to draft ut any time, and the deposits
have been made only upon the security OF
Government bonds, go that this scheme
or plan is not practicable to any consider
able extent in providing a method 10 keep
in circulation money drawn into the Treas.
ury by taxation. The true method is to
appropriate reasonable sums ior the pur-
poses of government and then reduce the
taxes 30 that there will be no great sur
plus. l know OF but ono way OF reducing
this amouut-that is to go into the open
market, and buy uumstured fou,s or four
and halls, and pGy the current premium
for them. The sinking fund will require
for the fiscal year 1883 about SAG 600 900.
II this requirement is me. that alnount of
fours or four and halls must be purchas.
ed, and 10 that extent the surplus will be
reduced. This tho Secretary will do un.
doubtedly-frst, because the law reouires
1t, and second, becauseit will be necessary
IN order to avid a great s!ringency in the
money market"
"Ate You highly reported as belieyin,
that the President should call an extra
session before December, 90 as to give
Congress an opportunity OF reducing
taxes?"
II think the President ought to con.
vene Congress as carly as October tor the
purpose OF considering the question. This
would, probably, by three months, hasten
change in our lax laws. These changes
must originate in the House. II Congress
convenes in October it would coutinne In
session until December. The Speaker
could appoint the Committee OF Waysgnd
Means early in October, aud by the first
otJanusry, in that event, q measure could
By matured and brought into the House,
where 1t could be considered and sent to
the Senate us early as March, and bill
could thus pas8 both tousee by Stuy of
next year; whereas, il all action ia post.
poned until the regular session in Decem.
Der, it is not probable that any measure
could paas betore August. Besides, at the
regular session appropriation bills would
intervene and the excitement and dis.
turbance OF presidential campsvn
would come in, 30 that there would mt
then be that careful deiiberation that
would be had il Congress should bccin
the work as early as Oc,ober Of this
year."
"Whet arc the prospects, for lSss, as 70.
spec's the anccess OF the Republicans or
Democrats 7"
at is too soon TO Judge with anv degree
OF accuracy at thia time. The Indications
are favorable to Republican success, but
some new elements are now appearing in
the elections which make any propkecy
now ol littlo value. think tho Republi. |
cans ought to succeed, because they can
administer the government more in accord !
with the spirit OF the times than our on.
ponents; but there is strong element not
in accord with other party tnat, "a they
go in lSSS, may affect the result. II there
are only two tickets in the field, [ would |
have no doubt Of our success. II there
should bs three or four, the result might |
be changed. But | have faith in our QUO.
cess because believe We ought to succeed
and also because most, II not all, presen.
indications are In that direction.
KNIGHTS OF LABOR,
alr. row,lerly Outlines ,he Work Of tho
Order. |
PHILADELPHIA, Pa, April l5.-To.mor-
ror', iueua ~ tho Tn,,u,,I ns